25th Feb 2016 08:27
LONDON (Alliance News) - Derwent London PLC on Thursday posted a rise in pretax profit for 2015 as it also signed a pre-let agreement on The Copyright building in London and said it has raised GBP105.0 million through a US private placement.
The FTSE 250-listed property company said its pretax profit for the year to the end of December rose 31% to GBP81.6 million from GBP62.3 million, as its net asset value per share rose 22% to 3,535 pence from 2,908p.
Net rental income income rose 7.8% in the year to GBP138.7 million, as it secured GBP27.1 million worth of new lettings at an average of 11% above its December 2014 estimated rental value. The underlying value of its portfolio rose 17% over the year, driving a total property return of 20%.
Derwent said it would pay a final dividend of 30.80p, up 10% year-on-year, taking its full-year dividend to 43.40p.
"We are seeing good occupier demand for our properties and our portfolio has significant reversionary potential. We recognise that London property cannot be immune from the economic and political issues causing global stock market volatility. However, we have a strong financial position and the current year has started well for our business as evidenced by today's announcements," said Chief Executive John Burns.
In a separate statement, Derwent also said it has agreed a pre-let with Capita Business Services Ltd, a unit of FTSE 100-listed outsourcer Capita PLC, for The Copyright Building in Fitzrovia in central London. Capita will pay GBP7.4 million in rent per year for the entire building, covering 87,150 square feet.
Also on Thursday, Derwent said it has raised GBP105.0 million through a US private placing of 12-year and 15-year unsecured fixed rate notes.
Derwent shares were up 0.6% to 2,949.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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